It’s important to ask how much gap cover costs because the answer is pretty great.
Gap insurance is cheap. You pay a low monthly premium that has several excellent benefits, including the following:
- A single gap policy covers everyone on the medical aid option. So if you have your whole family on your medical aid, everyone gets cover for the same price as if only one person were insured
- Gap cover (also called medical shortfall insurance) covers all co-payments on medical aid payments. So if your medical aid pays a portion of your specialist, hospital or medication costs, your gap cover company will cover the rest, no matter how much it is.
- When you receive a co-payment bill from your medical scheme, it’s easy to claim for gap cover. You can do it online by email and by phone if necessary. Once you have submitted all the paperwork (you can scan and email the documents) and your gap cover provider accepts the claim and approves it, the monies are paid into your bank account.
- Gap cover is really simple. There are only a couple of options to choose from – unlike medical aid where you have to read through massive brochures to figure out what option is best for you. With gap cover there are only a couple of possible add-ons, such as for advanced oncology (cancer) treatments or additional life cover.
So how much does gap cover cost?
There is a rough rule of thumb formula for estimating how much investing in a gap cover policy will cost you.
Take your monthly medical aid premium and work out what ten percent of it is. That will be your monthly gap cover premium, roughly speaking. So, for example, if you pay R4000 a month for medical aid, then your monthly gap cover premium will cost about R400.
That’s well worth it when co-payments for unexpected specialist care, hospital stays, accident and operations could amount to hundreds of thousands of rands. You would have to pay those bill yourself if you did not have gap cover.
Get your quote now. Complete the form on this page and submit it. We will tell you how much it will cost monthly and help you to sign up for a policy. Act now!